NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL
    RESPONSIBILITY OR CONNECTED PERSONS

    This form is intended for use by an issuer to make a RIS notification required
    by DR 3.1.4R(1).

    1.   Name of the issuer               2.   State whether the notification    
                                               relates to (i) a transaction      
                                               notified in accordance with DTR   
                                               3.1.2 R, (ii) a disclosure made in
                                               accordance with section 793 of the
                                               Companies Act 2006, or (iii) in   
                                               accordance with paragraph 26 of   
                                               the Model Code                    
                                                                                 
         City Merchants High Yield Trust       (i)                               
         Limited                                                                 
                                                                                 
    3.   Name of person discharging       4.   State whether notification relates
         managerial responsibilities/          to a person connected with a      
         director                              person discharging managerial     
                                               responsibilities/director named in
                                               3 and identify the connected      
                                               person                            
                                                                                 
         Winifred Robbins                      n/a                               
                                                                                 
    5.   Indicate whether the             6.   Description of shares (including  
         notification is in respect of a       class), debentures or derivatives 
         holding of the person referred        or financial instruments relating 
         to in 3 or 4 above or in respect      to shares                         
         of a non-beneficial interest[1]                                         
                                                                                 
         Notification in respect of the        Ordinary shares                   
         Director named in point 3 above.                                        
                                                                                 
    7.   Name of registered shareholders  8    State the nature of the           
         (s) and, if more than one, the        transaction                       
         number of shares held by each of                                        
         them                                                                    
                                                                                 
         Pershing Securities Ltd               Purchase of Ordinary shares       

       

    9.   Number of shares, debentures or  10.  Percentage of issued class        
         financial instruments relating        acquired (treasury shares of that 
         to shares acquired                    class should not be taken into    
                                               account when calculating          
                                               percentage)                       
                                                                                 
         28,887                                0.033%                            
                                                                                 
    11.  Number of shares, debentures or  12.  Percentage of issued class        
         financial instruments relating        disposed (treasury shares of that 
         to shares disposed                    class should not be taken into    
                                               account when calculating          
                                               percentage)                       
                                                                                 
         N/A                                   N/A                               
                                                                                 
                                                                                 
    13.  Price per share or value of      14.  Date and place of transaction     
         transaction                                                             
                                                                                 
         £1.7308                               26 January 2016                   
                                                                                 
    15.  Total holding following          16.  Date issuer informed of           
         notification and total                transaction                       
         percentage holding following                                            
         notification (any treasury                                              
         shares should not be taken into                                         
         account when calculating                                                
         percentage)                                                             
                                                                                 
         276,217           0.32%               26 January 2016                   

    If a person discharging managerial responsibilities has been granted options by
    the issuer complete the following boxes

    17   Date of grant                    18.  Period during which or date on   
                                               which it can be exercised        
                                                                                
    19.  Total amount paid (if any) for   20.  Description of shares or         
         grant of the option                   debentures involved (class and   
                                               number)                          
                                                                                
    21.  Exercise price (if fixed at time 22.  Total number of shares or        
         of grant) or indication that          debentures over which options    
         price is to be fixed at the time      held following notification      
         of exercise                                                            
                                                                                
    23.  Any additional information       24.  Name of contact and telephone    
         N/A                                   number for queries               
                                               Nira Mistry - 0203 753 0691      
                                                                                

       

    Name and signature of duly authorised officer of issuer responsible for   
    making notification                                                       
    Hilary Jones                                                              
    R&H Funds Services                                                        
    Company Secretary                                                         
    Date of notification                                                      
    26 January  2016